IReit Global launches equity fundraising to raise S$126.7m for France property acquisition
IREIT Global on Wednesday said it is issuing a non-underwritten placement of 11.4 million units at 61.55 Singapore cents per unit to Bond Capital Partners, to raise around S$7 million.
The placement is part of its equity fundraising exercise to raise gross proceeds of S$126.7 million, IReit's manager said in a stock exchange filing.
The Europe-focused real estate investment trust (Reit) will also be launching an underwritten pro rata and non-renounceable preferential offering for eligible existing unitholders, to raise S$119.7 million under the equity fundraising exercise.
The preferential offering will be done on the basis of 214 units for every 1,000 units held, at an issue price of 59.5 cents per unit, the manager said.
Net proceeds from the equity fundraising will be used to partially finance the acquisition of 27 retail properties in France, which cost around S$195.7 million, the Reit's manager said.
In April, IReit, through its wholly-owned subsidiary Fit 2, entered into a conditional sale agreement to acquire Decathlon's properties in France for 110.5 million euros (S$176.8 million).
A NEWSLETTER FOR YOU
Property Insights
Get an exclusive analysis of real estate and property news in Singapore and beyond.
Part of the proceeds will also be used to finance future capital expenditure and repay debt, the manager added.
Once the fundraising exercise is complete, IReit's total number of issued units is expected to be 951.3 million. The new units issued will be listed and quoted on the mainboard of the Singapore Exchange at 9am on Wednesday.
Units of IReit Global closed on Tuesday at 64.5 cents, up 0.5 cent or 0.8 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Venture posts lower Q1 net profit of S$60.1 million on weaker demand
YHI International COO and subsidiary charged with alleged failure to ensure employee safety, causing death
India's markets regulator puts seven Adani companies on notice for violations
Singapore stocks end week in red; STI down 0.1%
UK's FTSE 100 hits record highs on Anglo-American boost